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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: Today's pop builds on a 28% pop yesterday, on news that InterDigital's board had initiated a "strategic review" that could result in a sale of the company, and a 17% pop on July 1, as investors reassessed the value of InterDigital's patent portfolio based on strong bids for Nortel's patent portfolio.
Now what: InterDigital's patent portfolio is rich in intellectual property in the hot wireless communications/mobile sector, a key strategic focus for Google. Google bid on Nortel's patent portfolio, but lost out to a consortium that included Apple (Nasdaq: AAPL ) , Microsoft (Nasdaq: MSFT ) , Research In Motion (Nasdaq: RIMM ) , Sony (NYSE: SNE ) , EMC (NYSE: EMC ) , and Ericsson. The consortium paid a stunning $4.5 billion for Nortel's patents, about 60% more than InterDigital's $2.8 billion market cap at today's intraday price of $61.25.
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